Despite a difficult economic context, President Macri's administration, over the past two and a half years, has taken bold steps to eliminate a wide range of distortions in the economy. Efforts were also made to strengthen institutions (including the complete reconstruction of the statistics...

On March 25, 2022, the IMF Executive Board approved a 30-month arrangement for Argentina supported by the Extended Fund Facility (2022 EFF). Amounting to US$44 billion (1,001 percent of quota), it was the second largest non-precautionary arrangement in the Fund's history after the 2018 Stand-by...

Decisive implementation of the stabilization plan-centered on a strong fiscal anchor with no new monetary financing, and relative price corrections-has led to twin fiscal and external surpluses, a marked turnaround in reserves, faster-than-expected disinflation, a bolstering of the BCRA's...

This paper presents Argentina's Fifth and Sixth Reviews under the Extended Arrangement under the Extended Fund Facility, Request for Rephasing of Access, Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review. Since completion of...

This paper presents Argentina's Fourth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of Performance Criteria, Waiver for Nonobservance of Performance Criteria, and Financing Assurances Review. Achieving the 2023 primary fiscal deficit...

Early decisive policy implementation by the new economic team was critical to stabilizing markets and begin rebuilding confidence in the run-up to the second review. Domestic demand has since slowed in response to tighter macroeconomic policies, with high frequency indicators pointing to a...

Episodes of domestic policy uncertainty and acute market pressures in mid- 2022, coupled with a more challenging global environment, necessitated firmer program implementation and stronger policy reaction to ensure macroeconomic stability, rebuild policy credibility, and safeguard program...